Hills Bank & Trust Co
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Hills Bank & Trust Co reported 323 stock positions worth $1.7 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 8.5% of the portfolio, followed by Vanguard Ftse Developed ETF (VEA, 7.8%) and SS SPDR P S&P 400 Midcap ETF (SPMD, 4.2%). Compared with Q2 2025, it opened 16 new positions, sold out of 6, added to 82 and reduced 145. The biggest buy was Invesco Bulletshares 2031 CB (BSCV, shares +1266%) and the biggest sale iShares Ibonds Dec 2025 Term (IBTF, shares −53%).
- Most Recent 13F
- Q2 2026
- Location
- North Liberty, IA
- CIK
- 0001309148
- Portfolio Value
- $1.7B (Q3 2025)
- SEC Filing
- 0001309148-25-000018 ↗ filed Nov 13, 2025
Holdings Value
Holdings 323 stocks · $1.7B
| SPY SS SPDR S&P 500 ETF Trust-US | 8.46% | 215,873 | $143.8M | Reduce -0.9% |
| VEA Vanguard Ftse Developed ETF | 7.77% | 2,203,893 | $132.1M | Add +8.0% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 4.22% | 1,255,132 | $71.8M | Add +5.0% |
| MDY State Street SPDR S&P Midcap | 4.20% | 119,611 | $71.3M | Add +0.4% |
| FTRB Fed Hermes TTL RTRN BND | 3.78% | 2,530,627 | $64.3M | Add +9.7% |
| VWO Vanguard Ftse Emerging Marke | 3.40% | 1,065,047 | $57.7M | Add +9.6% |
| BSCQ Invesco Bulletshares 2026 CB | 3.23% | 2,805,426 | $54.9M | Add +3.5% |
| BSCR Invesco Bulletshares 2027 CB | 2.90% | 2,502,599 | $49.3M | Add +3.6% |
| BSCS Invesco Bulletshares 2028 CB | 2.86% | 2,361,679 | $48.6M | Add +3.1% |
| NVDA Nvidia Corp. | 2.58% | 235,455 | $43.9M | Reduce -2.1% |
| BSCT Invesco Bulletshares 2029 CB | 2.50% | 2,256,782 | $42.5M | Add +5.3% |
| BSCU Invesco Bulletshares 2030 CB | 2.36% | 2,373,130 | $40.1M | Add +10.9% |
| MSFT Microsoft Corp. | 2.26% | 74,129 | $38.4M | Reduce -1.8% |
| BSCV Invesco Bulletshares 2031 CB | 1.94% | 1,981,503 | $33.1M | Add +1266.1% |
| AAPL Apple Inc. | 1.92% | 127,979 | $32.6M | Reduce -1.2% |
| SPYV SS SPDR P S&P 500 Value ETF | 1.90% | 584,785 | $32.4M | Add +23.1% |
| GOOG Alphabet Inc. Class C | 1.72% | 119,839 | $29.2M | Reduce -2.4% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 1.64% | 355,489 | $27.8M | Add +26.9% |
| BND Vanguard Total Bond Market | 1.56% | 355,740 | $26.5M | Add +3.4% |
| GII State Street SPDR S&P Global | 1.45% | 353,472 | $24.6M | Add +37.5% |
| GUNR NT Mstar GLBL NR ETF | 1.41% | 547,226 | $24.0M | Add +0.9% |
| IBTF iShares Ibonds Dec 2025 Term | 1.39% | 1,013,478 | $23.7M | Reduce -53.5% |
| JPIB JPMorgan Intl BND ETF | 1.08% | 372,800 | $18.3M | Add +13.5% |
| JPM JPMorgan Chase & Co. | 1.06% | 57,074 | $18.0M | Reduce -1.3% |
| FAST Fastenal Co. | 1.04% | 360,154 | $17.7M | Reduce -2.0% |
| PG The Procter & Gamble Co. | 0.98% | 108,107 | $16.6M | Reduce -6.8% |
| EFA iShares MSCI Eafe ETF | 0.95% | 173,155 | $16.2M | Reduce -0.1% |
| AMZN Amazon.com Inc. | 0.89% | 68,996 | $15.1M | Reduce -0.7% |
| BSMT Invesco Bulletshares 2029 MB | 0.78% | 571,429 | $13.2M | Reduce -6.4% |
| HD Home Depot Inc. | 0.73% | 30,792 | $12.5M | Reduce -1.1% |
| ORCL Oracle Corp. | 0.62% | 37,177 | $10.5M | Reduce -3.1% |
| IBMP iShares Ibonds Dec 2027 Term | 0.60% | 399,613 | $10.2M | Add +0.1% |
| MA Mastercard Inc. Class A | 0.59% | 17,492 | $9.9M | Reduce -0.2% |
| META Meta Platforms Inc. Class A | 0.58% | 13,490 | $9.9M | Reduce -1.6% |
| IBMQ iShares Ibonds Dec 2028 Muni | 0.58% | 384,643 | $9.9M | Add +0.6% |
| IBMO iShares Ibonds Dec 2026 Term | 0.58% | 382,065 | $9.8M | Reduce -0.3% |
| DFIC Dimensional International Co. | 0.55% | 286,098 | $9.4M | Add +58.9% |
| ICE Intercontinental Exchange Inc. | 0.51% | 51,941 | $8.8M | Reduce -1.7% |
| PANW Palo Alto Networks Inc. | 0.48% | 40,349 | $8.2M | Reduce -2.3% |
| COST Costco Wholesale Corp. | 0.48% | 8,838 | $8.2M | Reduce -1.2% |
| IBMN iShares Ibonds Dec 2025 Term | 0.46% | 290,491 | $7.8M | Reduce -2.3% |
| VOO Vanguard S&P 500 ETF | 0.44% | 12,246 | $7.5M | Reduce -2.1% |
| MCD McDonald's Corp. | 0.37% | 20,868 | $6.3M | Reduce -4.2% |
| JNJ Johnson & Johnson | 0.37% | 33,738 | $6.3M | Add +1.8% |
| RWO State Street SPDR Dow Jones | 0.37% | 135,634 | $6.2M | Reduce -52.0% |
| ITW Illinois Tool Works | 0.36% | 23,734 | $6.2M | Reduce -1.1% |
| IJR iShares Core S&P Small-Cap E | 0.36% | 51,040 | $6.1M | Reduce -8.2% |
| ABT Abbott Laboratories | 0.34% | 42,609 | $5.7M | Add +0.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.33% | 38,267 | $5.5M | Reduce -1.1% |
| FISV Fiserv Inc. | 0.32% | 42,387 | $5.5M | Reduce -1.3% |
| BSMU Invesco Bulletshares 2030 MB | 0.32% | 244,626 | $5.4M | Add +107.5% |
| TMO Thermo Fisher Scientific Inc. | 0.31% | 10,737 | $5.2M | Reduce -0.9% |
| XOM Exxon Mobil Corp. | 0.29% | 43,958 | $5.0M | Reduce -0.9% |
| V Visa Inc. Class A | 0.29% | 14,505 | $5.0M | Reduce -0.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.26% | 13,649 | $4.5M | Reduce -3.6% |
| KLAC KLA Corp. | 0.26% | 4,134 | $4.5M | Reduce -1.6% |
| PEP Pepsico Inc. | 0.25% | 30,453 | $4.3M | Reduce -4.0% |
| BSMS Invesco Bulletshares 2028 MB | 0.25% | 182,242 | $4.3M | Add +201.8% |
| CRM Salesforce Inc. | 0.24% | 17,270 | $4.1M | Reduce -2.7% |
| AMT American Tower Corp. | 0.24% | 21,170 | $4.1M | Reduce -0.9% |
| CVS CVS Health Corp. | 0.24% | 53,769 | $4.1M | Add +0.1% |
| NSC Norfolk Southern Corp. | 0.23% | 13,128 | $3.9M | Reduce -0.1% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.22% | 5 | $3.8M | No change |
| CVX Chevron Corp. | 0.22% | 24,039 | $3.7M | Reduce -10.2% |
| ETN Eaton Corp. PLC | 0.21% | 9,485 | $3.5M | Reduce -0.2% |
| CSCO Cisco Systems Inc. | 0.21% | 51,736 | $3.5M | Add +0.9% |
| DHR Danaher Corp. | 0.21% | 17,622 | $3.5M | Reduce -0.6% |
| NKE Nike Inc. Class B | 0.20% | 49,291 | $3.4M | Reduce -2.7% |
| LNT Alliant Energy Corp. | 0.20% | 50,724 | $3.4M | Add +1.0% |
| CATX Perspective Therapeutics Inc. | 0.20% | 979,200 | $3.4M | Reduce -0.5% |
| DE Deere & Co. | 0.19% | 7,017 | $3.2M | Reduce -1.5% |
| IBMR iShares Ibonds Dec 2029 M BD | 0.19% | 125,149 | $3.2M | Add +182.0% |
| CMG Chipotle Mexican Grill Inc. | 0.18% | 79,658 | $3.1M | Reduce -5.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.18% | 26,036 | $3.0M | Reduce -0.4% |
| MDLZ Mondelez International Inc. Class A | 0.17% | 47,317 | $3.0M | Reduce -4.2% |
| BSMQ Invesco Bulletshares 2026 MB | 0.17% | 123,942 | $2.9M | Add +58.5% |
| BSMR Invesco Bulletshares 2027 MB | 0.17% | 122,629 | $2.9M | Add +56.4% |
| CBOE Cboe Global Markets Inc. | 0.17% | 11,675 | $2.9M | No change |
| ADBE Adobe Inc. | 0.16% | 7,734 | $2.7M | Add +3.5% |
| BSMV Invesco Bulletshares 2031 MB | 0.16% | 128,922 | $2.7M | Add +155.2% |
| GNR State Street SPDR S&P Global | 0.16% | 44,956 | $2.7M | Add +11.0% |
| BX Blackstone Inc. | 0.16% | 15,508 | $2.6M | Add +0.7% |
| KO The Coca-Cola Co. | 0.15% | 39,582 | $2.6M | Add +2.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.15% | 9,197 | $2.6M | Reduce -12.2% |
| VXF Vanguard Extended Market ETF | 0.15% | 12,098 | $2.5M | Reduce -1.8% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.15% | 2,650 | $2.5M | Reduce -9.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.15% | 4,912 | $2.5M | Reduce -7.5% |
| USB US Bancorp | 0.15% | 51,043 | $2.5M | Reduce -63.6% |
| COR Cencora Inc. | 0.14% | 7,760 | $2.4M | Add +0.7% |
| SPGI S&P Global Inc. | 0.14% | 4,962 | $2.4M | No change |
| REET iShares Global REIT ETF | 0.14% | 93,290 | $2.4M | Reduce -14.3% |
| GD General Dynamics Corp. | 0.14% | 6,945 | $2.4M | Reduce -5.0% |
| BSMP Invesco Bulletshares 2025 MB | 0.13% | 93,070 | $2.3M | Reduce -0.9% |
| LLY Eli Lilly & Co. | 0.13% | 2,981 | $2.3M | Reduce -4.7% |
| ISRG Intuitive Surgical Inc. | 0.13% | 5,071 | $2.3M | No change |
| HON Honeywell International Inc. | 0.13% | 10,765 | $2.3M | Reduce -0.1% |
| ZBH Zimmer Biomet Holdings Inc. | 0.13% | 22,838 | $2.2M | Reduce -2.5% |
| VGSH Vanguard Short-Term Treasury | 0.13% | 38,081 | $2.2M | Add +11.7% |
| VXUS Vanguard Total Intl Stock | 0.13% | 30,053 | $2.2M | Reduce -0.8% |
| ADI Analog Devices Inc. | 0.13% | 8,871 | $2.2M | Reduce -4.6% |
Portfolio Sells Q2 2025 → Q3 2025
| IBTF iShares Ibonds Dec 2025 Term | Reduce -53.5% | 1.39% | −1.81 |
| GQRE NT GLBL Qual Re ETF | Reduce -99.0% | 0.01% | −0.93 |
| RWO State Street SPDR Dow Jones | Reduce -52.0% | 0.37% | −0.42 |
| USB US Bancorp | Reduce -63.6% | 0.15% | −0.25 |
| PG The Procter & Gamble Co. | Reduce -6.8% | 0.98% | −0.19 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.19 |
| FISV Fiserv Inc. | Reduce -1.3% | 0.32% | −0.14 |
| CMG Chipotle Mexican Grill Inc. | Reduce -5.6% | 0.18% | −0.11 |
| MSFT Microsoft Corp. | Reduce -1.8% | 2.26% | −0.11 |
| BSMT Invesco Bulletshares 2029 MB | Reduce -6.4% | 0.78% | −0.10 |
| ICE Intercontinental Exchange Inc. | Reduce -1.7% | 0.51% | −0.10 |
| CDW CDW Corp. | Reduce -65.0% | 0.03% | −0.08 |
| COST Costco Wholesale Corp. | Reduce -1.2% | 0.48% | −0.08 |
| AMZN Amazon.com Inc. | Reduce -0.7% | 0.89% | −0.07 |
| CRM Salesforce Inc. | Reduce -2.7% | 0.24% | −0.06 |
| TFC Truist Financial Corp. | Reduce -56.7% | 0.05% | −0.06 |
| AMT American Tower Corp. | Reduce -0.9% | 0.24% | −0.06 |
| META Meta Platforms Inc. Class A | Reduce -1.6% | 0.58% | −0.06 |
| PANW Palo Alto Networks Inc. | Reduce -2.3% | 0.48% | −0.05 |
| GWW WW Grainger Inc. | Reduce -9.9% | 0.15% | −0.04 |
| IBMN iShares Ibonds Dec 2025 Term | Reduce -2.3% | 0.46% | −0.04 |
| IBM Intl Business Machines Corp. | Reduce -12.2% | 0.15% | −0.04 |
| IBMO iShares Ibonds Dec 2026 Term | Reduce -0.3% | 0.58% | −0.04 |
| BLK BlackRock Inc. | Reduce -38.2% | 0.07% | −0.04 |
| DE Deere & Co. | Reduce -1.5% | 0.19% | −0.04 |
| MDLZ Mondelez International Inc. Class A | Reduce -4.2% | 0.17% | −0.04 |
| MA Mastercard Inc. Class A | Reduce -0.2% | 0.59% | −0.04 |
| V Visa Inc. Class A | Reduce -0.3% | 0.29% | −0.03 |
| CMCSA Comcast Corp. Class A | Reduce -2.1% | 0.13% | −0.03 |
| REET iShares Global REIT ETF | Reduce -14.3% | 0.14% | −0.03 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -78.6% | 0.01% | −0.03 |
| DIS The Walt Disney Co. | Reduce -0.4% | 0.18% | −0.03 |
| HAL Halliburton Co. | Reduce -69.8% | 0.01% | −0.03 |
| MCD McDonald's Corp. | Reduce -4.2% | 0.37% | −0.03 |
| IJR iShares Core S&P Small-Cap E | Reduce -8.2% | 0.36% | −0.03 |
| WCN Waste Connections Inc. | Reduce -14.2% | 0.08% | −0.03 |
| MUB iShares National Muni Bond E | Reduce -79.3% | 0.01% | −0.03 |
| FDX FedEx Corp. | Reduce -62.5% | 0.01% | −0.03 |
| HON Honeywell International Inc. | Reduce -0.1% | 0.13% | −0.02 |
| EFA iShares MSCI Eafe ETF | Reduce -0.1% | 0.95% | −0.02 |
| NKE Nike Inc. Class B | Reduce -2.7% | 0.20% | −0.02 |
| ODFL Old Dominion Freight Line | Sold out | 0.00% | −0.02 |
| MRSH Marsh & McLennan Cos | Reduce -1.7% | 0.12% | −0.02 |
| CVX Chevron Corp. | Reduce -10.2% | 0.22% | −0.02 |
| T AT&T Inc. | Reduce -29.6% | 0.04% | −0.02 |
| LLY Eli Lilly & Co. | Reduce -4.7% | 0.13% | −0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -0.9% | 8.46% | −0.02 |
| XLP SS Consumer Staples Sel Sect | Reduce -42.0% | 0.02% | −0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -7.5% | 0.15% | −0.02 |
| COP Conocophillips | Reduce -51.7% | 0.01% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| BSCV Invesco Bulletshares 2031 CB | Add +1266.1% | 1.94% | +1.79 |
| VEA Vanguard Ftse Developed ETF | Add +8.0% | 7.77% | +0.44 |
| VWO Vanguard Ftse Emerging Marke | Add +9.6% | 3.40% | +0.37 |
| GII State Street SPDR S&P Global | Add +37.5% | 1.45% | +0.36 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +26.9% | 1.64% | +0.35 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +23.1% | 1.90% | +0.34 |
| DFIC Dimensional International Co. | Add +58.9% | 0.55% | +0.20 |
| BSMS Invesco Bulletshares 2028 MB | Add +201.8% | 0.25% | +0.16 |
| BSMU Invesco Bulletshares 2030 MB | Add +107.5% | 0.32% | +0.16 |
| FTRB Fed Hermes TTL RTRN BND | Add +9.7% | 3.78% | +0.13 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Add +5.0% | 4.22% | +0.13 |
| IBMR iShares Ibonds Dec 2029 M BD | Add +182.0% | 0.19% | +0.12 |
| ONEQ Fidelity Nasdaq Comp Indx | New | 0.10% | +0.10 |
| BSCU Invesco Bulletshares 2030 CB | Add +10.9% | 2.36% | +0.10 |
| BSMV Invesco Bulletshares 2031 MB | Add +155.2% | 0.16% | +0.09 |
| JPIB JPMorgan Intl BND ETF | Add +13.5% | 1.08% | +0.07 |
| SNPS Synopsys Inc. | New | 0.06% | +0.06 |
| BSMQ Invesco Bulletshares 2026 MB | Add +58.5% | 0.17% | +0.06 |
| BSMR Invesco Bulletshares 2027 MB | Add +56.4% | 0.17% | +0.05 |
| JNJ Johnson & Johnson | Add +1.8% | 0.37% | +0.05 |
| BSMY Invesco Bulletshares 2034 MB | New | 0.05% | +0.05 |
| BSSX Invesco Bulletshares 2033 MB | New | 0.05% | +0.05 |
| BSMW Invesco Bulletshares 2032 MB | New | 0.05% | +0.05 |
| GUNR NT Mstar GLBL NR ETF | Add +0.9% | 1.41% | +0.04 |
| QQQ Invesco QQQ Trust Series 1 | Add +239.1% | 0.05% | +0.04 |
| CAT Caterpillar Inc. | Add +71.2% | 0.07% | +0.03 |
| TYL Tyler Technologies Inc. | Add +155.0% | 0.06% | +0.03 |
| IBDQ iShares Ibonds Dec 2025 Term | Add +43.1% | 0.13% | +0.03 |
| C Citigroup Inc. | Add +204.7% | 0.04% | +0.03 |
| NFLX Netflix Inc. | Add +404.3% | 0.03% | +0.03 |
| PCOR Procore Technologies Inc. | New | 0.03% | +0.03 |
| RTX RTX Corp. | Add +28.1% | 0.08% | +0.02 |
| TPR Tapestry Inc. | New | 0.02% | +0.02 |
| KKR KKR & Co. Inc. | Add +248.2% | 0.03% | +0.02 |
| AVGO Broadcom Inc. | Add +41.1% | 0.05% | +0.02 |
| ASML ASML Holding NV-NY Reg SHS | Add +23.7% | 0.07% | +0.02 |
| GNR State Street SPDR S&P Global | Add +11.0% | 0.16% | +0.02 |
| IBMT iShares Ibonds Dec 2031 Muni | New | 0.02% | +0.02 |
| TSLA Tesla Inc. | Add +34.7% | 0.03% | +0.01 |
| AMD Advanced Micro Devices | Add +7.8% | 0.10% | +0.01 |
| IBDR iShares Ibonds Dec 2026 Term | Add +94.4% | 0.02% | +0.01 |
| BX Blackstone Inc. | Add +0.7% | 0.16% | +0.01 |
| INTU Intuit Inc. | Add +47.4% | 0.06% | +0.01 |
| LNT Alliant Energy Corp. | Add +1.0% | 0.20% | +0.01 |
| CPRT Copart Inc. | Add +38.0% | 0.06% | +0.01 |
| XJH Ishare ESG SS S&P Midcap ETF | New | 0.01% | +0.01 |
| GSK GSK PLC-Spon ADR | Add +4.7% | 0.08% | +0.01 |
| BPOP Popular Inc. | New | 0.01% | +0.01 |
| TLN Talen Energy Corp. | New | 0.01% | +0.01 |
| WFC Wells Fargo & Co. | Add +11.6% | 0.08% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 383 | $2.3B | SPYM, VEA, SPY, FTRB, AVLC |
| Q1 2026 | 355 | $2.1B | SPYM, VEA, SPY, AVLC, SPMD |
| Q4 2025 | 340 | $1.7B | SPY, VEA, SPMD, MDY, FTRB |
| Q3 2025 | 323 | $1.7B | SPY, VEA, SPMD, MDY, FTRB |
| Q2 2025 | 313 | $1.6B | SPY, VEA, MDY, SPMD, FTRB |
| Q1 2025 | 299 | $1.4B | SPY, VEA, MDY, BSCQ, IBTF |
| Q4 2024 | 299 | $1.3B | SPY, MDY, BSCQ, IBTF, BSCR |
| Q3 2024 | 301 | $1.3B | SPY, MDY, BSCQ, IBTF, IBTE |
| Q2 2024 | 284 | $1.2B | SPY, MDY, IBTF, IBTE, BSCQ |
| Q1 2024 | 282 | $1.2B | SPY, MDY, IBTE, IBTF, BSCQ |